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Leases
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases

9. Leases

As of June 30, 2023, the Company had ten operating leases of real property for office and laboratory use, for which the Company recorded right-of-use assets and lease liabilities as of the ASU 2016-02 effective date or lease commencement date, if later. In addition, three of the Company’s leases met the short-term exception, having lease terms of 12 months or less, and are therefore not recorded on the Company’s balance sheet. The Company’s leases do not include purchase options. Where the Company’s leases contain options to extend the lease term, the extended lease term is only included in the measurement of the lease when it is reasonably certain to remain in the lease beyond the non-cancelable term. The Company’s leases contain variable lease costs, which pertain to common area maintenance and other operating charges, that are expensed as incurred.

Summary of lease costs recognized under ASU 2016-02

The following table contains a summary of the lease costs recognized under ASU 2016-02 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2023 and 2022:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

1,170

 

 

$

1,144

 

 

$

2,309

 

 

$

2,343

 

Variable lease cost

 

 

1,340

 

 

 

1,170

 

 

 

2,676

 

 

 

2,313

 

Short-term lease cost

 

 

109

 

 

 

76

 

 

 

182

 

 

 

151

 

 

$

2,619

 

 

$

2,390

 

 

$

5,167

 

 

$

4,807

 

Other information:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:
   Operating cash flows used in operating leases

 

 

 

 

 

 

 

$

2,570

 

 

$

2,501

 

Right of use assets obtained in exchange for new operating lease liabilities

 

 

 

 

 

 

 

$

2,090

 

 

$

1,479

 

Weighted average remaining lease term (in years)

 

 

 

 

 

 

 

1.89

 

 

2.6

 

Weighted average discount rate

 

 

 

 

 

 

 

 

6.01

%

 

 

4.71

%

 

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at June 30, 2023, the following table summarizes the Company’s maturities of operating lease liabilities as of June 30, 2023:

 

 

June 30,

 

 

2023

 

Operating lease liabilities payment

 

 

 

2023

 

$

2,512

 

2024

 

 

4,766

 

2025

 

 

1,856

 

Total lease payments

 

$

9,134

 

Less: imputed interest

 

 

(506

)

Present value of lease liability

 

$

8,628